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First time landlord.
xHannahx
Posts: 614 Forumite
Unfortunately my dad is suffering from dementia following several strokes, as well as other medical conditions.
An option we are considering is for him to come and live with us so we can provide help and support to him, and then rent his property out to raise a monthly income which will cover our costs of caring for him, I'd probably have to give up my part time job for example (250pm income).
What kind of things do we need to consider when renting out the property?
It's furnished at the moment so are we better off renting it furnished or unfurnished?
We Will probably use an agent to manage the property for us due to inexperience and us living around 65 miles away. What is there to consider when selecting an agent?
It isn't big enough for us to all move into, we have a 4 bedroom, and 3 kids so the oldest 2 can share to make room for dad to have a bedroom here.
Dad owns the property outright, my late mum is still named jointly on the title though.
An option we are considering is for him to come and live with us so we can provide help and support to him, and then rent his property out to raise a monthly income which will cover our costs of caring for him, I'd probably have to give up my part time job for example (250pm income).
What kind of things do we need to consider when renting out the property?
It's furnished at the moment so are we better off renting it furnished or unfurnished?
We Will probably use an agent to manage the property for us due to inexperience and us living around 65 miles away. What is there to consider when selecting an agent?
It isn't big enough for us to all move into, we have a 4 bedroom, and 3 kids so the oldest 2 can share to make room for dad to have a bedroom here.
Dad owns the property outright, my late mum is still named jointly on the title though.
0
Comments
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First things first: have you got Power of Attorney? Is it too late for him to grant you this (ie is he still of sound mind?)
Next, read:
* New landlords: advice, information & links
* Letting agents: how should a landlord select or sack?0
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